HDFC Bank Personal Loan
HDFC Bank is one of the largest leading banks in India offering best interest rates on personal loans with minimal documents and speedy approvals. One can avail the loan upto 75 lakh with the repayment tenure of up to 60 months. Be it a trip to your dream destination, renovating your home with modern furnitures, Wedding planning, debt consolidation, or dealing with medical emergencies, HDFC personal loan provides easy and quick access to funds with interest rate starting as less as 10.5%* p.a.
For Example; if you take a loan of 10 lakhs at the rate of 10.99% for 5 years, your monthy EMI would be Rs. 21,737. There would be one time applicable charges of processing starting from 2,999 flat up to 2.5%. HDFC personal loan comes with 2 part payment facilities of 25% each with preclosure after the lock period of 12 EMI’s. Note : depending upon the Profile, rate of interest and applicable charges may vary .HDFC Bank is known for lending Personal Loans at best competitive interest rates, flexible tenures, affordable EMI’s and fast disbursals.
HDFC Personal loan Interest Rates 2021
|Interest rate||Salaried – 10.5% to 20%|
|Processing Charges||As low as ₹999/- upto 2.50% of the loan amount subject to profile.|
|Prepayment||2 Pre-payment allowed of 25% each after 12 EMI’s.|
|Pre-payment charges||NIL* 13-24 Months – 4% of Principal Outstanding, 25-36 Months – 3% is applicable on payments, 36-60 Months – 2% is applicable post 36 months.|
Key Features of HDFC Personal Loan:
- Competitive Interest rate: Affordable and Flexible Interest Rates. The interest rate starts from 10.5% and goes up to 21% depending on the credit score of applicants.
- Special Offers for HDFC Bank Customers: If your Salary account in HDFC Bank, you are eligible for special offers and interest rates. The bank has several attractive offers exclusively for its own customers.
- Easy and Fast Personal loan: You can get a quick personal loan through a fast processing system. You can visit our website to check your eligibility and complete the documentation and other formalities. It is an easy and quick process.
- Insurance Cover: You get an insurance cover along with your personal finance scheme by paying a nominal premium on opting it prior to disbursement.
- Save on Money Personal Loan Balance Transfer: If you already have a personal loan, you can transfer it to your HDFC bank account to get a lower interest rate of 10.75% and flat Processing fess starting at 999/-.
Table Showing EMI, Interest Outgo, and Total Repayment Amount
|LOAN AMOUNT||INTEREST RATE||TENURE||MONTHLY INSTALMENT||TOTAL INTEREST AMOUNT||TOTAL AMOUNT|
|₹ 2,00,000||14%||1||₹ 17,957||₹ 15,489||₹ 2,15,489|
|₹ 2,00,000||14%||2||₹ 9603||₹ 30,462||₹ 2,30,462|
|₹ 2,00,000||14%||3||₹ 6836||₹ 46,079||₹ 2,46,079|
|₹ 2,00,000||14%||4||₹ 5465||₹ 62,334||₹ 2,62,334|
|₹ 2,00,000||14%||5||₹ 4654||₹ 79,219||₹ 2,79,219|
EMI, Total Interest Outgo, Total Repayment (Interest + Principal)
|LOAN AMOUNT||INTEREST RATE||TENURE||MONTHLY INSTALMENT|
|₹ 2,00,000||14%||1||₹ 17,957|
|₹ 2,00,000||14%||2||₹ 9603|
|₹ 2,00,000||14%||3||₹ 6836|
|₹ 2,00,000||14%||4||₹ 5465|
|₹ 2,00,000||14%||5||₹ 4654|
Documents Required for HDFC Personal Loan
HDFC Bank requires a set of documents for authentication purposes for your personal loan:
- Photo Identity Proof: – (Self-attested copy of any one document) Passport, PAN Card, Voter Identity Card, Driving License, Aadhaar Card
- Address Proof:- (Self-attested copy of any one document) Ration Card, Passport, Bank Account Statement, Aadhaar Card, Driving License, Electricity Bill, Telephone Bill, Sale Deed/ Property Purchase Agreement (for owned properties)
- Income Proof – (Self-attested copy of any one document)
For Salaried Individuals: Last 3 months/6 months bank statement (dependent on scheme) showing salary credits, Latest 3 months Salary Slip
For Self-Employed Individuals: 2 years ITR, P&L and Balance Sheet for the last 2 years, Last 3 Months Bank Statement
- Ownership Proof
- Business Proof (Self-attested copy of any one document)
For Self-Employed Individuals: Qualification Certificate/Certificate of Practice (COP), Shop Act License/ MOA & AOA/ Sales Tax/ Vat registration/ Partnership Deed
How to Apply
- Online Application: – You can apply for a personal loan online by filling a form on the website. By applying for a personal loan online you can get your eligible loan amount instantly.
- Document Submission: The relationship manager will fix up an appointment to come to your premises and collect the requisite documents for quick personal loans.
- Verification: After your documents have been collected, your personal loan application will be verified; this may involve a personal discussion with you.
- Approval & Disbursal: If the reports are satisfactory after verification, your loan will be approved and the money will be deposited in the same bank account for which the statement has been provided.
- To expand the business
- To expand business location
- To start a whole new business
- To build credit for future requirements
- To purchase equipment for business
- To purchase more inventories
- To bring in fresh talents to the business
The following people are eligible to apply for a Business Loan:
- Self employed individuals, Proprietors, Private Ltd. Co. and Partnership Firms involved in the business of Manufacturing, Trading or Services.
- The business should have a minimum turnover of Rs. 40 lakhs Individuals who have been in the current business for a minimum of 3 years, with 5 years total business experience.
- Those whose business has been profit making for the previous 2 years The business should have a Minimal Annual Income (ITR) of Rs. 1.5 lakhs per annum
- The applicant should be at least 21 years at the time of applying for the loan, and should be no older than 65 years at the time of loan maturity
- PAN Card – For Company/Firm/Individual
- A copy of any of the following documents as identity proof:
- Aadhaar Card
- Voter's ID
- PAN Card
- Driving License
- A copy of any of the following documents as address proof:
- Aadhaar Card
- Voter's ID Card
- Driving License
- Bank statement of the previous 6 months
- Latest ITR along with computation of income, Balance Sheet and Profit & Loss account for the previous 2 years, after being CA Certified/Audited
- Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate)
- Other Mandatory Documents [Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)]
Check your Eligibility
|Home Loan Interest Rates October 2020|
|Axis Bank||7.75% – 8.55%|
|Bank of Baroda||7.00% – 8.40%|
|HDFC||6.90% – 7.65%|
|ICICI Bank||6.95% – 8.05%|
|Indiabulls Housing Finance Limited||8.80% – 11.05%|
|Kotak Bank||7.20% – 9.30%|
|LIC Housing||6.90% – 7.90%|
|Piramal Capital & Housing Finance||9.00% – 9.10%|
|PNB Housing Finance||7.90% – 9.20%|
|Reliance Home Finance||8.75% – 14.00%|
|State Bank of India/SBI||6.95% – 7.60%|
|Tata Capital||9.20% – 9.35%|